This tied won does not exist in the form of bank notes.In normal stores and markets goods are priced in what has been called the 'untied' won or free market rate and regular banknotes can be used here.At for instance the Tongil Market and the Kwangbok Department Store (a.k.a.
Authorities eventually raised the limit to 500,000 won, Chosun said, and promised no probe into savings of up to one million won and unlimited withdrawals if savings of more than one million are properly explained.
In February 2010, some of the curbs on the free market were eased and a senior party official sacked after incidents of unrest.
The first North Korean coins for circulation were minted in 1959 in the denominations of 1, 5, and 10 chon.
; symbol: ₩; code: KPW) or Korean People's Won is the official currency of North Korea. The won is issued by the Central Bank of the Democratic People's Republic of Korea, based in the capital city, Pyongyang.
Although the official currency of South Korea, issued by the Bank of Korea based in Seoul, is divided into the same number of units and is also known as the South Korean won, the two currencies are used quite differently.
North Korean won are intended exclusively for North Korean citizens, and the Bank of Trade (무역은행) issued a separate currency (or foreign exchange certificates) for visitors, like many other socialist states.However, North Korea made two varieties of foreign exchange certificates, one for visitors from "socialist countries" which were colored red and hence nicknamed "red won", Since at least 2012 foreigners (and privileged locals) can buy goods priced in 'tied' won using a local debit card, which they have to credit with exchanging foreign currency (Euro, United States dollar or Renminbi/Yuan) at the official bank rate. This card can be used for instance at the famous Pyongyang Store or at the different stores at the international hotels, where the goods are priced at the tied won rate.However, the prices in the normal shops outside the tied won and restricted state shops are also based on this untied won rate.However, rampant inflation has been eroding the North Korean won's value. North Koreans were given seven days to exchange a maximum of ₩100,000 (worth approximately US on the black market) in ₩1,000 notes for ₩10 notes, but after protests by some of the populace, the limit was raised to ₩150,000 in cash and ₩300,000 in bank savings.A report by defectors from North Korea claimed that the black market rate was ₩570 to the Chinese yuan (or about ₩4,000 per U. army bases were put on standby and there were unconfirmed reports of public protests in the streets in a handful of North Korean cities and towns that forced authorities to slightly increase the amount of currency people would be allowed to exchange.Piles of old bills were also set on fire in separate locations across the country, old paper notes were dumped in a stream (against laws of the desecration of images of Kim Il-sung) and two black market traders were shot dead in the streets of Pyongsong by local police, according to international reports.